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oStar Group's revenue reached $693 million in the third quarter, an 11% increase from the same period last year and a $15 million boost from the previous quarter. This marks the company's 54th consecutive quarter of double-digit revenue growth. Despite some slowdown in traffic from the second quarter, CoStar plans to accelerate the growth of its Homes.com sales team.

    The company has been rapidly expanding its sales force for Homes.com, which saw 85 million average monthly unique visitors in the third quarter. Traffic was up year-over-year but down from 99 million monthly unique visitors in the second quarter. CoStar aims to have 275 salespeople by the end of the year and close to 600 by the end of 2025.

    CEO Andy Florance acknowledged the growing pains associated with expanding the sales team, which has required pulling salespeople off other core products. However, he remains bullish about turning Homes.com into a billion-dollar product. The company plans to continue investing in Homes.com, but may direct more dollars towards building the sales team rather than advertising.

    CoStar's revenue growth comes as the company continues to invest in its marketing efforts, including a significant investment in Super Bowl ads earlier this year. Florance said that the marketing push is paying off and expects further improvements in new bookings in the fourth quarter and throughout 2025.

    Key financial metrics for CoStar Group include:

    * Revenue: $693 million in Q3, up 11% from last year

    * Cash and cash equivalents: $4.94 billion at the end of September

    * Gross profit: $552 million in Q3, up from $501 million a year ago

    * Net income: $53 million in Q3, down from $91 million a year ago but up from $19 million in Q2

    CoStar also announced its acquisition of Visual Lease for $272.5 million, a software platform that helps companies manage leased and owned assets and accounting.